Berlin Hackathon Ignites Cardano (ADA) Rally Potential

The Berlin Hackathon, organized by NMKR, an NFT and asset tokenization service, with the support of EMURGO, Cardano Foundation, and Input Output Global (IOG), may fuel a rally for ADA, the tenth-largest cryptocurrency.

As per a press release by EMURGO, the hackathon sought to “bring together builders and developers to collaborate, innovate, and kickstart new ideas for Cardano’s Web3 ecosystem.” It was the result of a proposal submitted by Project Catalyst, a decentralized community funding program on the blockchain.

Held in Berlin, Germany, the in-person hackathon offered free registration to anyone interested in building on the Cardano blockchain. Participants were not required to have a technical background and had the opportunity to join other community members to discuss and demonstrate ideas.

Solo developers were also encouraged to join the hackathon to showcase their work and gain exposure to the community.

Notably, a prize pool was also decided for the participants in the form of ADA tokens. The hackathon had some of the most prominent people in the digital asset space that provided feedback and input after witnessing the demonstrations from the participants. The hackathon took place from July 26 to July 27 and represents the Cardano blockchain’s fixation on bringing new use cases and applications on the blockchain.

According to the data from CoinMarketCap, the price of ADA at the time of writing stands at $0.4227, with a 2.75% surge in the past 24 hours. The trading volume has dropped 32.19% in the past 24 hours to $301 million. The cryptocurrency’s market cap stands at $15.17 billion.

The Relative Strength Index (RSI) for the altcoin stands at 52.54 which means that the buying pressure is quite high. Moreover, the gradient of the line suggests that higher prices are possible in the near future and a bullish move towards $0.5 is possible.